2023 ECONOMIC FORECAST STILL THE YEAR OF TRUTH

As we assess the econom c landscape of 2023, the real estate market s trajectory presents a compelling story, both on a national scale and within Colorado's Front Range. In 2021, the industry achieved an impressive mi estone with over 6 m llion existing home sales across the U.S., representing a near 20-year high. However, as projected, 2022 experienced a market normalization with approximately 4 m llion sales, marking a significant 30% decline and returning to the long-term histor cal average dating back to 1968.

This normalization was influenced by a combination of factors which still remain largely unresolved half way through the year, including uncertaint es stemming from aggressive monetary pol cies, geopolitical tensions, pend ng elect ons and regional natural disasters Additionally, soaring home prices throughout the prio cycle, coupled w th more recent nterest rate increases, created notab e affordability challenges, particularly for first-time homebuyers.

Despite these challenges, our outlook remains cautiously optimistic for the remainder of 2023 and beyond The real estate market is poised for a steady and progressive recovery, aligning with long-term h storical trends and reflecting its resi ience On the Front Range, we anticipate measured yet robust growth, driven by sol d economic fundamentals and prudent market dynamics

At Slifer Smith & Frampton, we take pride in our extensive experience since 1962, successfully navigating numerous market cyc es. As we move forward into the second half of 2023, we are committed to serving your housing needs w th expertise and innovation

Fundamentally, the s gnificance of partnering with a qualified professional cannot be understated. Now more than ever, over 90% of homebuyers and sellers choose to leverage the expertise of agents, recognizing the substantial value they bring in navigating comp ex market conditions. Emerging research suggests that even millennials view work ng with agents as a smart and strategic choice, further reinforcing the strength of the real estate industry

In this ever-evolving economic landscape, we are well-pos tioned to capitalize on opportunities. As we chart the course for the rest of 2023, Colorado s Front Range promises to be on the forefront of economic prowess and a favored destinat on for real estate investors and homeowners alike.

May 2023 serve your housing wants and needs in Colorado?s Front Range well

U.S. EXISTING HOME SALES (SAAR) LONG TERM TRENDS